U.K., China Near Swap-Line Agreement

By

Alex Brittain

Feb. 22, 2013 5:50 a.m. ET

LONDON—The Bank of England said on Friday it is working with the People's Bank of China to set up a currency swap line, a move that could help the U.K. benefit from the rapid growth of the world's No. 2 economy and further China's goal of making its currency more widely traded.

The central banks will work to sign a final agreement on the three-year swap line shortly, the BOE said, adding that the deal would support the financing of...